View the Financials and Release. Nasdaq listed Rediff.com has reported revenues of $8.32 million for the quarter ended June 30th 2008, up from $6.8 million for Q1 last year. India Online revenues (from Rediff.com) are healthy - they grew 42 percent to $6.56 million, up from $4.62 million in Q1 2007. US Publishing revenues (India Abroad), year on year, have declined 19 percent to $1.76 million. What's worrying is that the quarter saw a significant year-on-year decline of 64 percent in profit - to $0.77 million from $2.12 million for the same quarter last year. Year-on-year, profitability has been on the decline for the company for four quarters now. Update: During the earnings call, Rediff CFO Joy Basu said that the net income for the year ago quarter included a sum of $1.89 million on account of sale of equity shares in an external company. So it isn't as bad a comparison as it appears. Operating expenses (including stock based compensation) for the company increased from $4.68 million to $5.54 Million. Operating EBITDA increased from $0.61 Million to $1.10 Million. In terms of products, Rediff introduced multiple search related initiatives - which we've covered here - including a search for tickets and schedules for 20,000 busines covering 10,000 locations, a train search, and enabled search for High school exam results for 70 different exam boards. The video search covers over 2 million videos. Readers will remember that Rediff announced the opening up of its API recently, which we had covered…
